For taxable years ending on and after the first day of July,
one thousand nine hundred eighty-nine, the credits allowed under
section three shall continue to be applied as provided in section
three-a. In addition, the credit allowed under subsection (f) of
section three that remains after its application as provided in
section three-a of this article shall be applied to reduce the tax
imposed by article twenty-four of this chapter: Provided, That
this credit may not reduce by more than fifty percent the amount of
the net tax liability of the taxpayer for the taxable year under
article twenty-four of this chapter, which amount of net tax
liability shall be determined before application of the credit
allowed by article thirteen-c of this chapter.